Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000 in cash along with equipment having a $50,000 value.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribed

a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000 in cash along with equipment having a $50,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $680 c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (20); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). Complete this question by entering your answers in the tabs below. GeneralT accounts Journal Analyze For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only) Assets Liabilities+ Equity a. b. C. This is a numeric cell, so please enter numbers only. For each of the above transaction, record the transaction in journal entry form. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (4 Wages Expense (601), and Landscaping Expense (696). Show less View transaction list View journal entry worksheet No Date General Journal Debit Credit May 15 No Transaction Recorded Cash 101 Office Supplies 124 End. bal End. bal Equipment 167 Accounts Payable 201 End. bal End. bal Unearned Landscaping Revenue 236 D. Tyler, Capital 301 End. bal End. bal Landscaping Revenue 403 Landscaping Revenue 403 End. bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing An Introduction To International Standards On Auditing

Authors: Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage

2nd Edition

0273684108, 978-0273684107

More Books

Students also viewed these Accounting questions